Tuesday 5 March 2019 / 11:28 AM Jonathan Reynolds

Rent to own cap – Jonathan Reynolds responds

Jonathan Reynolds MP, Labour’s Shadow Economic Secretary to the Treasury, commenting on the FCA’s announcement of a 100% price cap in the rent-to-own sector, said:

“The introduction of this cap will be welcomed by the many vulnerable customers who rely on the rent to own sector. We’re glad that because new benchmark regulation will have an earlier review date, we will be able to check that these rules are working as intended.

“However, we need to solve the underlying problems in our unsecure economy, created by a decade of Tory austerity, that are forcing people to use high cost-credit just to get by, and to survive with no savings to fall back on.  A Labour Government would introduce a Real Living Wage, stop the roll out of Universal Credit and ban zero-hours contracts.”

Ends

Notes to editors